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Is Now a Good Time to Buy?

With social distancing being an important part of life at the moment and so many parts of the economy suffering the effects of state lockdowns, some are worried about how all of this will affect the housing market. This is especially a concern for those who were hoping to buy a new home and have seen their plans potentially derailed by the pandemic. Is this a good time to consider buying a new home, assuming that it’s even safe to do so?

Depending on where you live, the answer may be surprising.

It’s a Buyer’s Market in Some Markets (but not everywhere)

With the current state of the world, the demand for real estate has dropped significantly in some parts of the US and Canada. This has left many of those who have already listed homes for sale or who were planning to list over the summer in a position where there are far fewer people looking at their properties. For some sellers, this isn’t much of an issue; they can simply wait it out and stick to their previous plans. A lot of sellers don’t have that luxury, though. This creates a buyer’s market where a lot of sellers are willing to consider offers that they wouldn’t have in the past, giving potential buyers a lot more control in the home-buying process.

As the name suggests, it’s always good to buy in a buyer’s market. It isn’t necessarily a great time to list a home for sale, of course, since you’d likely have to settle for a lower offer than you were expecting if you want to move the property. This usually helps to balance out the market, with listing rates slowing down to meet demand until things pick back up again.

With all of that said, not every market is experiencing this pandemic the same way.  In fact, many markets remain a seller’s market due to low inventory, mortgage rates, or any number of other local demand characteristics.

Demand Is Staying Low in Most Markets

Most of the time, a buyer’s market is caused by shifts in the economy that have people trying to save money; an example of this would be a recession. These economic shifts temporarily reduce the number of people who are willing to take on large debts, creating a glut of sellers trying to entice a smaller pool of buyers. The buyer’s market typically fizzles out once the number of sellers shrinks or the economy stabilizes.

In the current buyer’s market, the economy certainly plays a factor. There is an external factor at play here as well, however: The physical distancing that COVID-19 requires has added additional worry about open houses and other forms of interpersonal contact that are traditional when buying or selling a house. There’s still a lot of uncertainty surrounding the pandemic, including how long it will last, so with this external factor and the currently stunted economy we could see demand stay low for longer than you would expect in a buyer’s market situation.

Market Recovery

This isn’t to say that the market won’t recover, of course. Some states have already started reopening non-essential businesses and other parts of the economy, and other states have plans to start reopening soon. The economy will likely stay sluggish for a while, but reopening is the first part of recovery. Even the pandemic is becoming something less of a factor as people continue to practice social caution and science continues to work toward treatment and vaccine options. While market recovery may take longer than in the past, a recovery will happen, and the good deals that buyers can find now will become less common as things move forward.

Buying Safe

If you do decide to shop for a home in the current market, make sure that you’re smart about it and stay safe. Maintain all physical distancing practices while looking at homes, even if there is only a seller or agent present. Ask whether no-contact options such as virtual tours or virtual closing with digital signage are options, and if touring the property request that any doors or other barriers be opened before you arrive to reduce contact. Wear a mask, bring hand sanitizer and take the same precautions that you would in any other social situation. This may seem excessive for viewing a home, but keep in mind that these practices not only protect you, but also protect the seller and agent as well.

Making Your DIY Shopping List

 April 30, 2020 LaTasha Beal

DIY projects are a great way to keep yourself busy during social distancing while also giving you a chance to hone certain skills or take care of a few things around the house. With some DIY projects you’ll already have everything you need at home, making it a simple matter of getting everything together and actually doing it. With other projects, though, you’ll have to venture out to pick up a few things. This can be stressful during a period of social distancing.  You need to be conscious of both exposing yourself or others to the virus, so it’s important that you follow CDC guidelines and guidance from your local government for your community.  You’re also going to want to make sure you’re ready with a list of everything you need before you head out the door.

The goal here is to make sure that you can get everything you need in as few trips as possible. After all, the fewer times you have to go out, the less chance there is for you to accidentally expose yourself or others to sickness. To that end, here are a few suggestions that can help you make your DIY shopping list and get everything you need in a single trip.

Build Your Project List

The first thing that you’ll need to do is figure out exactly what it is that you’re hoping to get accomplished. Think about more than just the project that you’re currently working on and look at your overall DIY slate. Not only can taking all of your projects into account help you cut back on trips for supplies, but it can also make it easier to see where supplies can be used for more than one project. You don’t have to list every single project that you might conceivably do, but at least create a list of the next few projects that you hope to tackle.

What Do You Have on Hand?

Figure out everything that you’ll need for the projects on your list, then start looking at what you already have available. Maybe you already have some lumber, wires or fasteners on hand; do you have enough to get through all of your projects? If you don’t have the exact materials that you’d planned on using for a project, do you have anything similar that could be substituted? Be sure and take things like paint, sealer and similar materials into account as well. Knowing what you already have will help you narrow down exactly what you do need, which will keep your costs down and make your shopping trip go faster as well.

What Do You Still Need?

Take into account everything that you’ll need to finish your projects, including any additional tools you’ll need to pick up and anything you’ll need for maintenance or decoration. Organize your list as best you can by items that should be located in the same area, reducing your back-and-forth time and keeping your contact with others in the store at a minimum. Be sure to check this list twice, as anything you miss will mean another trip to the store at some point.

Planning for Multiple Stops

One other thing to consider is that you may not be able to get everything that you need in a single stop. If this is the case, organize your list so that you group everything at each stop together. This means that if you need to hit the hardware store, all of your hardware purchases are in that part of the list. Any big-box specific purchases would be in another part of the list. Once you have these divisions in place, you can use the same tactic from above in regard to sub-grouping items that are in the same part of each store.

You should also use this time to plan other necessities for your trip as well. Make sure that you have a mask or other protection gear, hand sanitizer and anything else you might need and that you’ve made preparations for each stop. It’s also a good idea to come up with a timetable for your trip, figuring out what time everything opens so you can go as early as your schedule allows to avoid crowds. It’s important to be conscious of how social contact can potentially expose you to illness, as well as how you might inadvertently spread it to others; proper social distancing, protective gear and other preparations are as much a part of your preparations to shop as your list is.

Making Your Shopping List

One last thing to consider: While you may be used to keeping shopping lists on your phone or through a digital assistant, if you’re in an area where you really want to minimize potential contact with germs or other contagions then individual paper lists could be a better option. This reduces the possibility of your phone getting contaminated while you look at it or touch it, and the lists themselves can be disposed of once you’re done with them. It can also help with your organization since you’ll just have a single list to work from with each stop that you make.